Word: pump
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Dates: during 1970-1979
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What Not to Do. How to reach whatever targets might be set? The way not to do it is to adopt the AFL-ClO-Humphrey-Hawkins approach. This inevitably would pump so much money into the economy as to raise demand to the point at which employers sign on almost anybody who shows up, with the Government hiring the residue, many in make-work jobs. A non-partisan study last May by the Library of Congress indicated that an attempt to get the overall jobless rate down to 3% within 18 months would push inflation back...
...requirement will require an unforeseen technological breakthrough, a relaxation of exhaust-emission standards and a massive switch by consumers to automobiles about the size of General Motors' tiny Chevette, which seats four passengers and gets 32 miles per gal. The automakers would prefer using higher prices at the pump, penalties for gas-guzzling autos or refunds to buyers of efficient cars to achieve greater mileage efficiency. Further, the bill orders the Federal Energy Administration to set standards requiring manufacturers to improve the efficiency of such products as furnaces, television sets, stoves and refrigerators, so that they use 20% less...
Last June, Aramco asked Fluor to design and build a $4 billion plant to collect, process and pump 5 billion cu. ft. of natural gas per day. When completed in 1979, the facility will fuel Saudi Arabia's $142 billion industrialization program. The job will return to the U.S. a lot of money that American industries spend to buy foreign oil. "The Saudis instructed us both to buy as much equipment as possible in the U.S. and maximize engineering in America," says Bob Fluor. "That may be $3 billion in equipment orders. It certainly won't hurt...
Swollen Inventories. Instead, the worst was over by late spring. The economy's vaunted "built-in stabilizers" began to work. For example, as incomes fell, Government tax collections were automatically reduced while outlays for unemployment compensation and welfare soared, thus causing the Government quite unintentionally to pump more money into the economy. Also, Administration policy turned around completely in January. President Ford late in 1974 called for a 5% surcharge on upper-level incomes; by his 1975 State of the Union speech he was instead advocating big tax reductions. The eventual result was enactment in March of $22 billion...
FRANCE is getting the benefit of a $7 billion pump-priming program begun in September. Consumers are buying again, and manufacturers are stepping up production to replenish inventories. For 1976 the government predicts a 4.7% increase in G.N.P. and a lowering of the present 12% inflation rate...